Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Summary of stock-based compensation expense

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2012		2011		2012		2011
Expense recognized related to stock options	$	1,161	$	2,658	$	4,343	$	7,109
Expense recognized related to restricted stock units		456		174		797		322
Expense related to stock appreciation rights		11		—		20		—
Stock-based compensation expense	$	1,628	$	2,832	$	5,160	$	7,431

Assumptions utilized to estimate grant-date fair value of stock options

Expected dividend yield (1)		0.0%
Expected volatility (2)		71.2% -71.8%
Risk-free interest rate (3)		1.2% -1.5%
Expected life (4)		6.3 years
Weighted-average grant-date fair value per option	$	11.04

⁽¹⁾  Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time.

⁽²⁾  Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility.

⁽³⁾  The risk-free interest rate for the Black-Scholes model is based on the United States Treasury yield curve in effect at the time of grant for periods within the expected term of the option.

⁽⁴⁾  Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method.

Summary of stock option activity

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
Options outstanding at December 31, 2011		5,365,085		$	23.45
Granted		140,848			16.75
Exercised		(1,250	)		17.36
Forfeited/Expired		(714,409	)		29.83
Options outstanding at June 30, 2012		4,790,274		$	22.30		7.09 years	$	1,698
Vested or expected to vest at June 30, 2012		4,641,553		$	22.35		7.02 years	$	1,698
Options exercisable at June 30, 2012		1,303,523		$	26.48		5.99 years	$	1,037

Summary of stock option compensation information

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2012		2011		2012		2011
Intrinsic value of options exercised	$	—	$	73	$	1	$	154
Cash received from option exercises	$	1	$	181	$	22		364
Unrecognized stock option expense	$	16,542
Remaining weighted-average vesting period		1.0 years

Summary of restricted stock unit activity

	Total Shares			Weighted Average Price
Restricted stock units outstanding at December 31, 2011		337,676		$	17.77
Granted		254,030			16.65
Vested		(20,896	)		28.72
Forfeited		(27,300	)		17.03
Restricted stock units outstanding at June 30, 2012		543,510		$	16.86